First you need to find out if zero is actually zero TDC on #1
Dial indicator in #1
to determine accurate timing mark.
Second determine "all in" with vac unhooked and plugged.
I have a golf tee in my timing light case for this purpose.
These are the first steps, you may need stronger springs or weaker in the dist. ideal is all in at 2,700.
I used Bear's method after getting it close, pick a start and finish line.
I have an TH-400, pegleg with 2.93 gearing so it isn't a rocket off the line but I have it dialed in to the point where I have to be really light on the throttle making right turns from a stop to keep from smoking the tire.
What you need to do is run it as you have it and get the rings seated and broken in because it will change.
When my engine was fresh my disc brakes didn't work well until my engine was broken in and the vacuum increased.
Vacuum increases as the rings seat so that will change the tune as far as advance time is concerned.
You need to do a compression test to find out which cyl. is causing the smoke but chances are that will quit happening once the rings are fully seated.
As long as it starts easily and you are not experiencing detonation drive it, 500 miles minimum, a thousand miles is optimum.